TotalFX Company

TotalFX Forex Broker - Comprehensive Information Guide

1. Broker Overview

TotalFX is a forex broker established in 2000, operating under the full name Onam Trading (Pty) Ltd. The company is headquartered in South Africa, providing a range of financial services globally. As a privately held entity, TotalFX focuses on delivering retail forex trading and other financial services to individual traders and institutional clients alike.

Since its inception, TotalFX has made significant strides in the forex trading landscape. The firm has developed a reputation for offering a diverse array of trading instruments, including forex pairs, cryptocurrencies, indices, commodities, and exchange-traded funds (ETFs). Over the years, TotalFX has continuously enhanced its trading platforms and services to meet the evolving needs of its clientele.

The broker operates primarily in the retail forex market, catering to both novice and experienced traders. Its business model emphasizes providing competitive spreads, high leverage options, and a user-friendly trading environment. TotalFX has leveraged technological advancements to optimize trading conditions, ensuring that clients have access to cutting-edge tools and resources.

TotalFX broker has established itself as a notable player in the forex trading domain, thanks to its commitment to innovation and customer satisfaction.

2. Regulation and Compliance Information

TotalFX is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa, under license number 51105. This regulatory body is responsible for overseeing financial services and ensuring that firms operate within the legal frameworks established to protect consumers. However, it is important to note that TotalFX's regulatory status has been marked as "exceeded," which indicates potential concerns regarding compliance and operational standards.

The FSCA license allows TotalFX to offer a wide range of trading services, but traders should be cautious due to the "exceeded" designation. The broker adheres to strict policies regarding the segregation of client funds, ensuring that client deposits are kept separate from the company's operational funds. This practice is critical in safeguarding clients' investments, especially in the event of financial difficulties faced by the broker.

TotalFX implements robust Know Your Customer (KYC) and Anti-Money Laundering (AML) measures to prevent illicit activities and ensure the integrity of its trading operations. These compliance protocols are essential for maintaining a transparent and secure trading environment for clients.

3. Trading Products and Services

TotalFX offers an extensive range of trading products, making it a versatile choice for traders. The broker provides access to over 600 financial instruments, including:

• Forex Pairs: A wide selection of currency pairs, including major, minor, and exotic pairs, allowing traders to capitalize on global currency movements.
• CFD Products: TotalFX facilitates trading in various categories of Contracts for Difference (CFDs), including:
• Indices: Major global indices such as the S&P 500 and NASDAQ.
• Commodities: Precious metals like gold and silver, as well as energy products such as crude oil and natural gas.
• Cryptocurrencies: Popular digital currencies including Bitcoin, Ethereum, and Litecoin.
• Stocks: Shares of major companies, offering clients opportunities in equity markets.

TotalFX frequently updates its product offerings, ensuring that traders have access to the latest market trends and investment opportunities. The broker is committed to providing retail trading services that cater to individual traders, while also considering institutional clients with tailored services.

4. Trading Platforms and Technology

TotalFX supports two primary trading platforms: MetaTrader 5 (MT5) and cTrader. These platforms are well-regarded in the trading community for their advanced features and user-friendly interfaces.

• MetaTrader 5 (MT5): Known for its comprehensive trading tools, MT5 offers features such as multiple timeframes, advanced charting capabilities, and automated trading options through Expert Advisors (EAs). It is suitable for both beginner and experienced traders.

• cTrader: This platform is designed for traders who prefer a more advanced trading environment. cTrader provides sophisticated charting tools, performance analysis, and risk management features, making it ideal for manual and automated trading.

TotalFX does not offer MetaTrader 4 (MT4), which may be a consideration for traders who prefer that platform. The broker's trading execution is based on an ECN (Electronic Communication Network) model, which allows for direct market access and competitive pricing.

The broker's servers are located in the United States, ensuring low latency and fast execution speeds for traders. Additionally, TotalFX supports API access, enabling clients to engage in automated trading strategies seamlessly.

5. Account Types and Trading Conditions

TotalFX offers two primary account types, each tailored to meet the needs of different traders:

1. Zero Account:

• Minimum Deposit: No minimum deposit required.
• Spread: Starting from 0.6 pips.
• Commission: No commission fees.

1. Raw Account:

• Minimum Deposit: No minimum deposit required.
• Spread: Starting from 0.0 pips.
• Commission: $2.75 per side per $100,000 traded.

TotalFX provides leverage of up to 1:1000 for both account types, allowing traders to maximize their trading positions. The minimum trade size and overnight fees are structured to accommodate various trading strategies.

The availability of different account types and competitive trading conditions makes TotalFX an appealing choice for traders seeking flexibility and cost-effective trading solutions.

6. Fund Management

TotalFX supports a variety of deposit methods, ensuring that clients have options for funding their accounts. These methods include:

• Bank Transfers
• Credit/Debit Cards (Visa, MasterCard)
• E-Wallets (such as Skrill and Neteller)

There is no minimum deposit requirement for opening an account, making it accessible for traders of all levels. Deposits are typically processed quickly, with no associated fees from the broker, although third-party providers may impose their own charges.

Withdrawal options are equally diverse, allowing clients to withdraw funds through similar methods as deposits. The processing time for withdrawals may vary, typically taking between 1 to 3 business days, depending on the chosen method. TotalFX does not impose withdrawal fees, but clients should be aware of any fees that may be charged by their payment providers.

7. Customer Support and Educational Resources

TotalFX offers various customer support channels to assist clients, including:

• Email Support: Reachable at support@totalfx.com.
• Phone Support: Available at +27600389903.
• Live Chat: For immediate assistance during market hours.

The broker provides support in multiple languages, catering to a diverse clientele. Educational resources are also available, including webinars, tutorials, and market analysis reports, aimed at enhancing traders' knowledge and skills.

TotalFX's commitment to customer support and education ensures that traders have the necessary tools and resources to succeed in their trading endeavors.

8. Regional Coverage and Restrictions

TotalFX primarily serves clients in South Africa and other international markets. However, the broker does not accept clients from certain regions, including:

• United States
• North Korea
• Myanmar
• Iran

These restrictions are in place to comply with regulatory requirements and ensure a secure trading environment for all clients. TotalFX's focus on specific markets allows it to tailor its services to meet the unique needs of its clientele.

In conclusion, the TotalFX broker stands out as a versatile and competitive option for forex and CFD trading, offering a range of products, advanced trading platforms, and a commitment to customer service. While traders should be aware of the regulatory concerns associated with the broker, its diverse offerings and innovative approach make it a noteworthy player in the trading industry.